Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.
1. Twitter CEO Heads to the Hill
Expect Twitter (NYSE:TWTR) stock to be active tomorrow as its CEO, Jack Dorsey, appears on Capitol Hill.
Dorsey will testify before the House Energy and Commerce Committee and say that Twitter “does not use political ideology to make any decisions,” according to his prepared statement released today.
“We do not shadowban anyone based on political ideology,” he said in the statement. “In fact, from a simple business perspective and to serve the public conversation, Twitter is incentivized to keep all voices on the platform,”
Twitter and other social media and tech companies have come under fire from President Donald Trump, who alleged censorship of conservative voices.
In relation to Russian interference to the 2016 election, Dorsey said; “We now possess a deeper understanding of both the scope and tactics used by malicious actors to manipulate our platform and sow division across Twitter more broadly.”
2. Trade Balance Figures Arrive
Trade is still front of mind on Wall Street and tomorrow brings the latest data on the U.S. trade deficit.
On average, economists expect that the deficit widened to $50.3 billion in July, compared with $46.3 billion in June.
Exports were at about $214 billion in June, with imports at about $260 billion.
Talks between the U.S. and Canada about Canada joining a revised trilateral NAFTA agreement are set to continue tomorrow. On Friday, the White House notified Congress of its intent to move ahead with a trade deal struck with Mexico in 90 days that Canada can still join.
3. U.S. Faces More Push and Pull
Trade also continues to impact the U.S. dollar, as does the latest data underscoring strong economic growth.
Along with negotiations with Canada, greater tension between the U.S. and China is expected when President Donald Trump puts tariffs on $200 billion in Chinese goods, as anticipated.
The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by about 0.29%.
U.S. manufacturing business conditions surged in August to a 14-year high, according to a survey of industry executives.
ISM manufacturing data for August rose to a reading of 61.3, beating expectations of 58.1. A reading above 50 in the ISM index indicates anexpansion in manufacturing, which accounts for about 12% of the U.S. economy.
In addition, currency traders will be looking ahead to the Federal Open Market Committee meeting later this month. There is a certainty that the Fed will hike at this meeting, according to Investing.com's Fed rate monitor. So, hints about December’s meeting will likely have the most impact.